The Chefs' Warehouse, Inc. $CHEF Shares Purchased by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp increased its Chefs’ Warehouse stake by 3,676.3% in the first quarter, bringing its holdings to 11,329 shares valued at $673,000. Institutional investors and hedge funds collectively own 91.55% of the stock.
• Chefs’ Warehouse reported quarterly earnings of $0.40 per share, beating estimates of $0.23, while revenue rose 11.4% year over year to $1.06 billion. The stock opened at $100.18, near its 52-week high of $102.87.
• Analysts maintain a “Moderate Buy” consensus, with four Buy and four Hold ratings and an average price target of $91.86. Meanwhile, CEO Christopher Pappas and insider Christina Polychroni sold shares, reducing their positions by 5.4% and 15.44%, respectively.

Fifth Third Bancorp boosted its stake in shares of The Chefs' Warehouse, Inc. (NASDAQ:CHEF - Free Report) by 3,676.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,329 shares of the company's stock after purchasing an additional 11,029 shares during the period. Fifth Third Bancorp's holdings in Chefs' Warehouse were worth $673,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. AQR Capital Management LLC acquired a new position in Chefs' Warehouse during the first quarter worth $352,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Chefs' Warehouse by 6.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,152 shares of the company's stock valued at $1,152,000 after acquiring an additional 1,247 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Chefs' Warehouse by 50.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 130,382 shares of the company's stock worth $7,101,000 after purchasing an additional 43,593 shares during the period. Strs Ohio purchased a new position in shares of Chefs' Warehouse during the first quarter worth $98,000. Finally, Marshall Wace LLP acquired a new position in Chefs' Warehouse during the 2nd quarter worth about $243,000. 91.55% of the stock is currently owned by institutional investors and hedge funds.

Chefs' Warehouse Stock Up 4.7%

Chefs' Warehouse stock opened at $100.18 on Wednesday. The Chefs' Warehouse, Inc. has a one year low of $53.20 and a one year high of $102.87. The firm has a market capitalization of $4.09 billion, a P/E ratio of 55.66 and a beta of 1.39. The company has a 50-day simple moving average of $90.08 and a 200-day simple moving average of $74.62. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.33 and a current ratio of 2.18.

Chefs' Warehouse (NASDAQ:CHEF - Get Free Report) last announced its earnings results on Wednesday, April 29th. The company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.17. The business had revenue of $1.06 billion during the quarter, compared to analysts' expectations of $1.01 billion. Chefs' Warehouse had a return on equity of 15.54% and a net margin of 1.87%.The company's quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter last year, the business posted $0.25 earnings per share. As a group, equities analysts expect that The Chefs' Warehouse, Inc. will post 2.31 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Christina Polychroni sold 4,500 shares of the company's stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $79.21, for a total value of $356,445.00. Following the completion of the sale, the insider owned 24,642 shares in the company, valued at approximately $1,951,892.82. This represents a 15.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher Pappas sold 125,000 shares of Chefs' Warehouse stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $78.00, for a total value of $9,750,000.00. Following the transaction, the chief executive officer owned 2,189,453 shares in the company, valued at $170,777,334. This represents a 5.40% decrease in their position. The SEC filing for this sale provides additional information. 11.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CHEF shares. UBS Group dropped their target price on Chefs' Warehouse from $83.00 to $80.00 and set a "buy" rating on the stock in a report on Thursday, April 23rd. Wall Street Zen upgraded shares of Chefs' Warehouse from a "hold" rating to a "buy" rating in a research report on Saturday, July 18th. TD Cowen initiated coverage on shares of Chefs' Warehouse in a research report on Tuesday, July 7th. They set a "buy" rating and a $110.00 price target for the company. BTIG Research boosted their price objective on shares of Chefs' Warehouse from $82.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, June 11th. Finally, Zacks Research lowered shares of Chefs' Warehouse from a "strong-buy" rating to a "hold" rating in a report on Monday, June 29th. Four investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $91.86.

About Chefs' Warehouse

Chefs' Warehouse, Inc is a specialty food distributor that supplies a broad range of high‐end ingredients and culinary products to professional chefs, restaurants, hotels, and other foodservice operators. Headquartered in Maspeth, New York, the company sources its portfolio from local artisans, boutique producers and leading global suppliers. Its core offerings include fresh and frozen proteins, specialty cuts of meat and seafood, handcrafted cheeses and charcuterie, seasonal produce, value‐added preparations, pantry staples and premium desserts and beverages.

The company operates a network of distribution centers strategically located in major metropolitan markets across North America.

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